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Deutsche Bank Fined

Deutsche Bank FinedDeutsche Bank Fined

The US Federal Reserve on Tuesday fined German financial giant Deutsche Bank $41 million over failures to screen billions of dollars in potentially suspicions transactions, AFP reported. The penalty was only the latest in a string of legal woes the bank faces in the United States. Last month, Deutsche Bank paid more than $150 million for “unsafe and unsound” foreign exchange practices and lax oversight. In addition to the fine, Deutsche Bank will be required to improve internal anti-money laundering controls, which regulators at the Fed found to be deficient.

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